Is the sharing economy putting the brakes on traditional car ownership?
The traditional notion of car ownership is under threat. Tech innovation, the sharing economy, and the soaring cost of running a vehicle are giving rise to a new age of driving. Increasingly, drivers are choosing to carpool, share vehicles or borrow from others when they need them. Attitudes are changing from absolute car ownership to a more flexible, fluid approach to driving. The car insurance industry needs to respond to this by becoming more flexible and cost-effective for drivers. There is little doubt that the car industry is in flux. New car sales have fallen for eight consecutive months. We’ve also seen a record decline in teenagers learning how to drive.
